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As a real estate professional I have to remind myself on a regular basis that, over time and with experience, the basics of mortgage finance become intuitive to us. Most of us can rattle off, almost without thinking, the monthly payments of any principal amount. But our clients do not have the same bank of experience and many people are not comfortable with numbers. Remember all your friends that failed elementary algebra? And although we are familiar with any number of lender’s websites and know all the front end and back end income and expense ratios that are used to determine weather a consumer qualifies for financing, the fact is that our clients don’t. “It’s Greek to me,” is the look that I see in many clients’ eyes when I start asking about their personal finances. That’s why I quickly pass them along to a mortgage broker.

Budgets are not the sole domain of the Government
As mentioned above, it’s unlikely a client will understand the financial metrics as would a real estate or mortgage professional. However, I am still amazed when somebody comes into my office and asks me how much they can afford. This question, which, incredibly, extends to all socioeconomic groups, speaks volumes about the clients’ lack of perception when it comes to understanding or maintaining a personal spending budget. They simply have no idea as to what it costs to maintain their personal lifestyle. That is not to say that I cannot run the raw numbers they give me to see whether or not they meet the ratios of a particular lending program, but this is not analyzed in the context of their overall personal budget. While I crunch the numbers to show them the disposable income, it is the client’s responsibility to understand how that impacts their current lifestyle and spending patterns.
How the Mortgage Payment is constructed
Within the mortgage marketplace all the available programs, in spite of their claims and promises, come down to the same concept: the terms under which you are borrowing money from a creditor. Simply stated, there are three variables involved; principle amount, a predetermined period of time, and an agreed upon interest rate. This equates to a monthly payment to you that needs to be serviced every month. Now, we all know that some very exotic programs crept into the market place toward the end of the bubble, but none of them redefined how a mortgage payment is calculated. Many real estate websites have links to mortgage calculators to help eliminate the need to fully understand the math behind the concept. So, if you cannot calculate the payment yourself, you need to consider whether or not you have the understanding that you need in order to commit to taking on the debt.

Understanding the terms
There are many programs available to a qualified borrower. For the most part, they distill down to fixed or adjustable options. If it is a fixed rate mortgage you have secured an interest rate for the entire term of the loan and it does not change. If it is an adjustable rate mortgage the rate and payment change at some point in the loan term based on market conditions. This adjustment is what a home owner has to be very aware of. There are limits to how large an adjustment can be made but they should be reasonably certain that their income will grow enough to take on the increase in the mortgage payment. These terms are clearly expressed on all of the documents involved in the loan process. It is your responsibility to fully understand the specifics. After all, you own this loan once you sign on the dotted line.

Which Lender Should I Use?
While this does not seem important as most lending programs are very similar, I would suggest that it is one of the most important steps of all. The right lender considers it his or her personal responsibility to make sure that all the details are in place and that their clients fully understand all the options. In the end, you need to look at a home purchase, or any financial decision, in terms of how it impacts you. Like the ripples from a stone thrown into a pond, the effects of committing to a mortgage can influence your quality of life and financial future. Providers of credit and financial services will and do assist you in evaluating your choices, but it is in their interest for you to move forward. Because of this, it is your responsibility and duty to yourself and your family to ensure that there are no knowledge gaps and that the purchase is the best decision, long term, before you sign on the dotted line.
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Buying a home can be difficult decision to make in today’s market. The fragile state of the economy can have one constantly looking over their shoulder at the boss, wondering if there is another wave of layoffs coming. And, some may question the historical assumption that real estate always goes up. After all, there is a limited amount of land, etc, etc. How hollow those words sound after the last two years of carnage.
Additionally, the property valuation and the mortgage application process can seem overwhelming, particularly with so many friends and relatives having made bad decisions during the bubble frenzy. But home ownership is still a desirable state of being and theses fears can be overcome, one step at a time, so to say, by putting together a very methodical to do list.

Prequalifying for a Mortgage

Today virtually no Realtor in their right mind will invest much time in you if you cannot prove that you have the ability to close a transaction. So, you need to get together with a financial lender, and remember, you aren’t committing to a loan with them yet; you can still shop for the best deal later. Later, after you have worked with a Realtor and found the property of your dreams it can be tempting to go for an adjustable mortgage or some variation, with the lower initial rates in order to comply with the income ratios necessary for the loan to be approved. This is a little bit of a gamble as property values, although we believe they have bottomed, aren’t GUARANTEED to go up over the medium term.

Finding Your Home

Watch for the old up-sell from your Realtor. If you determine the loan amount you are comfortable with, do not let them tempt you by bring you into neighborhoods that are priced out of your means. Remember, as real estate agents, we are paid a commission, the more your house costs, the more we make! However, there are times when a small increase in the cost of the home can get you a LOT more value. You have to press the agent on why they want to show you something outside of the parameters you gave them. After all, your time is valuable too. Don’t let them get sidetracked by showing pie in the sky homes.

Negotiations

The best thing about all the poker tournaments on television is that we can learn what real poker faces look like. Particularly in today’s buyers market, keeping your cards close to your vest can save you a good deal of money. Let the real estate agent earn their commission. You are nonchalant! No gushing over all the house’s special features.

Your Team

You will need an attorney, home inspector, property surveyor, etc. Let your team do their jobs right and you will be able to sleep well at night. Their experience can help to save you money by heading off some repairs that may be necessary later.

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Buying your first home is one life’s biggest events. The simple magnitude of the dollars involved and the length of the mortgage commitment can be daunting. And few exercises can be as stressful as looking for and finding the right property. But, once the search through the endless stream of potential properties yields the needle in the haystack, the diamond in the rough, the proverbial jackpot at the end of the rainbow, it becomes time to actually execute the transaction and get the deal done. I personally remember being in the room when my wife and I were making this grand acquisition, but I don’t remember anything that was said, I just remember signing and initialing paper after paper as if I were trying to initial every scrap of paper at a ticker-tape parade! So, as an act of mercy, I’ve put together the following notes on the various clauses and conditions of the sales contract so it doesn’t sound as if the attorneys are speaking Kilingon during the closing.
Sales contracts are binding legal documents, period. Ignorance is not an excuse when, after the contract is signed, you realize you didn’t understand what the fine print, the terms and conditions, actually meant. This fact can be scary, there is no fudge factor allowed, so it is important that you take steps to make certain that everything in your sales contract is factual and completely accurate prior to signing.

What the heck are all those Roman Numerals for?

Your sales contract is a document that is really a series of clauses, each of which is essential to the sales process. Each clause will include several key pieces of information that are required for a full and clear transfer of the title. In order be less confusing, I have compiled this list of items that are common to most sales contracts:

* Legal Description - The first and most crucial part of any sales contract is a thorough and a completely accurate description of the target property. This is required to identify the exact boundaries of the property in question. Even in the rare case when there is a numbering change or a street name is changed, the legal description cannot be changed unless a portion of the property is subdivided and sold. This is often not even possible.

* Sales Price - The sales contract is not legally binding unless it includes the agreed upon sales price. The price and payment portion of the contract should include details such as the escrow amount, the down payment amount, mortgage loan information and earnest money deposit. Any contingencies should be included as well, often listed on a separate addendum.

* Closing Details - The closing is the grand event when the purchaser and the seller consummate their “meeting of the minds” and finalize all of the paperwork and complete the sale of the property. A closing agent, usually a lawyer or title company is some states, will usually orchestrate the proceedings and mange the details. So, the sales contract should also contain the location, date and time of the closing.

* Miscellaneous Inclusions and Exclusions – Negotiated agreements pertaining to non standard items (such as appliances or furniture), needs to be included in the sales contract. Also detailed should be any items that will not be included in the sale. (Note to self* -List EVERYTHING that is to be included in the purchase. Don’t miss a chandelier or lamp. I hate when a $129 dollar item has been removed that the buyer thought was included.)

* Warranty Information - Any warranties should be itemized in the sales contract, along with dates and descriptions.

* Testing Certification - In most cases, except in “as is” sales, such things as wells, septic tanks, and termite and pest inspections on the property must pass inspection before a sale can be completed. The sales contract should itemize the particulars of these items and whose responsibility it will be to pay for the inspections and any necessary repairs.

* Date of Possession - The exact date that the buyer will take possession of the home. This date can be at any time before or at the closing or even after the closing.

* Expiration Date of Offer - The contract needs to include an expiration date for the offer, by which time the seller must respond with either an acceptance, rejection or counter offer.

* Arbitration Agreement - An arbitration agreement is sometimes included to allow for mediation of any disagreements to take place outside of the legal system.

* Interim Property Insurance - The property must be insured at all times, and the sales contract should have details about who is responsible for maintaining the property insurance prior to the closing date.

Working diligently with your real estate agent, who will probably handle the preparation of your offer with a state approved Sale & Purchase Agreement, will eliminate most of the issues purchasers may have with the process of preparing a sales contract. Real estate agents are schooled in negotiating such specific details as are necessary and will be actively instrumental throughout the process.

Buying a home can be difficult decision to make in today’s market. The fragile state of the economy can have one constantly looking over their shoulder at the boss, wondering if there is another wave of layoffs coming. And, some may question the historical assumption that real estate always goes up. After all, there is a limited amount of land, etc, etc. How hollow those words sound after the last two years of carnage.
Additionally, the property valuation and the mortgage application process can seem overwhelming, particularly with so many friends and relatives having made bad decisions during the bubble frenzy. But home ownership is still a desirable state of being and theses fears can be overcome, one step at a time, so to say, by putting together a very methodical to do list.

Prequalifying for a Mortgage

Today virtually no Realtor in their right mind will invest much time in you if you cannot prove that you have the ability to close a transaction. So, you need to get together with a financial lender, and remember, you aren’t committing to a loan with them yet; you can still shop for the best deal later. Later, after you have worked with a Realtor and found the property of your dreams it can be tempting to go for an adjustable mortgage or some variation, with the lower initial rates in order to comply with the income ratios necessary for the loan to be approved. This is a little bit of a gamble as property values, although we believe they have bottomed, aren’t GUARANTEED to go up over the medium term.

Finding Your Home

Watch for the old up-sell from your Realtor. If you determine the loan amount you are comfortable with, do not let them tempt you by bring you into neighborhoods that are priced out of your means. Remember, as real estate agents, we are paid a commission, the more your house costs, the more we make! However, there are times when a small increase in the cost of the home can get you a LOT more value. You have to press the agent on why they want to show you something outside of the parameters you gave them. After all, your time is valuable too. Don’t let them get sidetracked by showing pie in the sky homes.

Negotiations

The best thing about all the poker tournaments on television is that we can learn what real poker faces look like. Particularly in today’s buyers market, keeping your cards close to your vest can save you a good deal of money. Let the real estate agent earn their commission. You are nonchalant! No gushing over all the house’s special features.

Your Team

You will need an attorney, home inspector, property surveyor, etc. Let your team do their jobs right and you will be able to sleep well at night. Their experience can help to save you money by heading off some repairs that may be necessary later.

With the influx of REO properties into the market, this is a good time to again consider flipping those properties as an investment strategy. However, what is different today is that it’s not simply a buy and sell scenario where a raising market will insure a profit. It will take an eye for value, understanding the cost that will be incurred in upgrading the property and knowing if it will possibly be necessary to rent the property for a period of time before the market will yield you the profit that you want.
Because of the different market dynamics, the amateurs have all fallen by the wayside. There will be less competition for those houses that need some TLC. Buyers often cannot see past the wear and tear of a foreclosed property to understand the potential underneath.

One of the criteria that will need to be considered before pulling the trigger on an acquisition is the neighborhood. One of the best things to look at is the difference between the price you can acquire the property for and the recent sale data for that particular neighborhood. Is there enough room for you to carry the mortgage for a month before you can rent it or put it up for sale? How much additional investment is needed? Is it simply cosmetic? Or is there real capital improvement that needs to be done?

Calculate the purchase price, the cost of improvements and the carrying costs and see if you can make a reasonable profit or if the current rental rates will cover your monthly expenses. This is not a step to take lightly. Success in real estate investment is 90% planning.

One of the other criteria to look at is the seller’s motivations. Real estate is an expensive poker game. Feel out the seller, the agent is not allowed to divulge the seller’s motivations, ask why they are selling and watch for their facial expression. You will be able to tell how urgent the situation is by their reaction. Their motivations can range from the house being an inheritance that they want to liquidate or they may be facing foreclosure. Their level of urgency will let you know how to negotiate and if you will be able to get the property at a price that will fit into your property and neighborhood analysis.

So, you are going to be looking for houses that can be purchased at a discount to the market yet can be improved aesthetically, yet inexpensively. Flipping the house will be the relatively easy part. If you’ve done your planning and purchasing properly all you will have to do is bring the improvements in on budget, then list the house slightly below market value for a quick sale.

The dust has not yet settled on the near total implosion of our economy in general and the real estate market in particular, yet there are indications that some investors, perhaps those from foreign countries where the exchange rate is favorable, or those that saw the fiscal Armageddon on the horizon and liquidated their holdings, have decided that, yes, this is the true bottom and they are starting to step back into the market place. There have been a number of investors from Brazil, the Netherlands and The United Kingdom that have crossed my path recently.

So let’s take a look at some options a small investor has available. It can either be a boon or a bane depending upon the way you approach the opportunity. The buyers, sellers and investors are the deal makers and like a chess game, they strategically change their methodologies as no one is looking to overpay or lose on an investment. Like the stock market, the idea in real estate investing is to take the other guys money.

There are options for real estate investing including just purchasing a REIT from a stock broker or online with a discount broker. It is possible to purchase the physical properties themselves or purchase a note from an investor that wants the liquidity to take advantage of another opportunity.

Even the physical properties you can invest in vary in many ways. It can be anything from an undeveloped parcel to a multi-family income property. Some are interested in distressed properties. Depending on the area of the country and the zoning of the localities, these properties are snatched up by developers and general contractors. The individual doesn’t stand much of a chance. I sat in the Morris County, NJ court and watched a foreclosure auction where the bank asked $39,000 and the winning bid was $390,000! There were several contractors bidding against each other (this was back in 2003) and it was obvious that they planned to greatly expand the home and resell it within a couple of months. Here in Florida, there are many limitations as to how a home can be expanded so that option has its drawbacks.

However there are situations where a foreclosure can be a good investment depending on the purchase price, cost of improvements, cost of capital, and the length of time it has to be carried before being sold or rented. So knowledge of the resale value or the current rental market is crucial.

There is another way that properties become available and that is through the probate process. Not that many properties make it through the probate process because they usually have a lot of equity in them and the heirs of the deceased will inevitably exercise their right to the property. However some do become available but they are hard to locate because the last will and testaments are filed through the probate court and their records are not publicized in the same way that foreclosures are.

As liquidity slowly seeps back into the economy and some qualified buyers, perhaps encouraged by the first time homebuyer tax credit, tentatively stick their toes into the proverbial home buying waters, bank owned properties have become the jewel de jour. Nightmarish stories of endless waits for banks to approve short sales have put a dingy taint on the short sale property. Buyers want to know at what price the property is available not a best guesstimate of a real estate agent, comps or no comps.

So within the slightly less than moribund real estate market is the percolating bank owned segment. It appears to be the opinion of the populace that the bank owned property represents the rock bottom price. A short sale still signifies an unrealized loss to the bank and why would they accept that when there is a full inventory of properties that have already darkened their balance sheet via the foreclosure process. And, a For Sale by Owner or a conventional listing, no matter how discounted the seller claims the price to be, it still appears to the buyer, correctly or not, that a portion of the price is the seller’s equity which they wouldn’t have to purchase through a bank or other financial institution.

I’ve recently seen instances where a bank owned property has sold within a day after being listed. This is reminiscent of the “frothiness” that Greenspan spoke of pre-meltdown.

But the challenge is that these bank-owned homes have often been vandalized by angry owners as they fell across the precipice of foreclosure. At best, a bank owned property will be structurally intact but empty, with dingy outlines of removed pictures spotting the walls and the floor showing where appliances or large pieces of furniture had dutifully resided.

But, as Realtors, we are used to seeing empty houses. We easily visualize the house’s potential, we’ve seen it realized many times over while showing other homes with the same floor plans. Buyers haven’t looked at hundreds of furnished homes and understood that beyond the tasteful (or not) furnishings that a house is just a floor plan with upgrades. And knowing the floor plans we instinctively understand how each room can hold furnishings and how the home will “flow” when furnished.

So what is one to do when we can see in the buyer’s eyes that statistically, (number of rooms, baths, sq ft, neighborhood, etc.) the bank owned property is just what they are looking for but somehow it just doesn’t feel right. And remember, home buying is an emotional event. It has to FEEL RIGHT! But an empty house will never feel right. They buyers are looking for a home.

In a perfect world, the seller would hire a specialist to “stage” the home so that the kitchen smells like vanilla, the bathrooms like bouquets of flowers and the rest of the home like fresh linen. But we are far removed from the “good ol’ days” and there is no way a bank is going to pay to “stage” a property. That would involve renting furniture, etc. and they have already taken a bath on the foreclosure.

So when we see the hesitation cross our client’s faces like a storm cloud across the sun we have to step in and alleviate it. I usually keep a few 8 x 10 color glossy photos (think Officer Obie in Alice’s Restaurant) of tastefully decorated rooms from the same floor plan available to show them what the rooms would look like with furniture. Then I quickly insist that they look at listings that are owner occupied so they can “feel the flow.” I let them experience the space with the “good vibrations” of it being a home. This only takes a little more research to be properly prepared.

This strategy may take an extra day and burn several additional gallons of that liquid gold we call gasoline, but when you see the buyers smile between themselves and they decide, Yes, they can see themselves ensconced happily in a this house and it will become their home, and they start to ask about the offer process, you will realize that it is very much worth the effort.

In today’s real estate market, Orlando home values, not unlike home values in other parts of the country, have plunged like an anvil. This is a harsh reality to face for someone looking to sell their home. Nevertheless, when you are a seller in a buyer's market it doesn't suggest that you have to get rid of your home at a loss. But it you would like to maximize value in the buyer’s market, working with a quality realtor is vital. An skilled realtor will afford you the subsequent services: Staging the Home - a home that is placed on the market to sell, principally in a buyer's market, needs to have a definite visual appeal, both from the curb and inside. Don’t get upset if they recommend you put away a lot of personal items. You want a buyer to be able to imagine the home as theirs, not yours! Establishing the Asking Price - an experienced realtor will recognize how to price a home correctly. A comparative analysis of up to date sales as well as list prices for your neighborhood is a key factor in pricing a own home at a level that will bring in the buyers but also be agreeable to the sellers. Locating Buyers - setting the correct sales price isn't going to help you much if you don't have a qualified pool of buyers who know it's offered for sale. And qualified is the operative word here. Financial pre-qualification will eradicate any tire kickers. Handling Negotiations – both selling and buying a home is an emotional experience. There is a lot at stake both financially as well as socially. After all, besides trying to get the best price, a buyer is committing to living in that house and area for an extended time. An knowledgeable Realtor can keep everyone’s emotions in check and help it be as stress free as possible. Keep in mind that it could be possible to sell your home at a premium price. The right realtor can leverage the strengths of your property. It is the know-how and understanding about the market and people that makes a quality realtor worth a important asset when going through the home buying process.

It is no secret that the decision to buy or sell a home is froth with emotional hurdles. When either selling or buying, the best case scenario is that your income and equity have both increased as your need for additional room, caused either by a growing family or a loved one coming to live with you, has grown. Then the relocation to a larger property can easily be handled, economically at least.

But best case scenarios are just that, best case scenarios. These days changes in employment, health or a relationship is what generally predicates a move. In these instances the decision has to be made quickly and without much prior planning. And since you haven’t been planning to move, the house is nowhere near “move in” condition. But do not despair, here are a half-dozen things that you can do over a couple of week-ends to get your place in shape and maximize the salability of your home.

1. Evaluate the condition, structurally and aesthetically. First impressions are 90% of the battle. Make sure you have a property that is clean, neat, and well-cared. The emotional key you want to his is that the buyers have to be able to envision themselves living there. A filthy house does not help to achieve this. Make all the quick little repairs you have been putting off. Fix the molding, the door stop and the screen door that doesn’t close all the way.

2. Paint! A fresh coat of paints imparts a fresh clean smell to the house and will brighten the room. Everyone wants bright and cheerful when they enter a room. Even a coat of paint on the front door will make an impact. And keep the curtains, blinds and shades open! Light changes everything. Open the windows if the weather allows.

3. Start cleaning out the closets. You’re going to move anyway, right? There’s a lot to do and emptying out the closets is a good place to start. My wife is going to hate me for this, but when we moved to Florida from NJ, I found 24 pillows jammed into an old closet!

4. Many people dislike yard work, but pulling a few weeds and putting a fresh edge on the lawn will work wonders. And keep it mowed. A few brightly colored plants in the flower beds will help with the curb appeal.

5. Keep house! You never know when the Realtor will call with someone that wants another look around before making up their mind. Everyone knows one of the most difficult things about selling a home is keeping it in “showing” condition all the time. So stay on top of the laundry. How many times have I seen a potential buyer get turned off when a pile of dirty laundry (literally, not figuratively) unexpectedly tumbled from the bedroom closet when the client opened the door!

6. Consult with a Realtor. They will be able to give you a non emotional analysis of the market. Don’t forget, the seller (you!) is just as emotionally invested as the buyers. Over priced properties no not sell! We all know how hard it is to accept the new reality as it pertains to the value of our homes. Realtors also have access to the MLS which populates most of the websites that the public can access. And, they have a deeper level of access to information not to mention a boat load of experience that you can draw from.

These few actions will help get the maximum value for your home and also afford you some good nights sleep. Just remember that this can be a very stressful time and that no one is immune to it. Make a to-do list and get some tunnel vision. Just get the next task done. The next thing you know is that you’ll be unpacking in your new home! Happy moving!

Purchasing a home or investing in real estate can be an emotional experience, particularly for those that are engaging the process for the first time. It can be confusing, particularly to the seller, as to what the broker is doing or has done to earn the agreed upon commission. It is important to understand where the broker fits in as; ultimately, the responsibility for any transaction you may enter into is attached to this person.

A real estate broker will have previously worked as an agent under the guidance of another broker to gain the relevant experience and then has to pass a state broker’ exam. One of the major advantages a broker has over an agent is that he or she can manage and/or own a real estate business.

It is generally accepted that they have the ability to locate properties, list them for sale, and handle the negotiations between the seller and buyer to complete the transaction. Additionally, the broker is licensed to become involved with the property rental market, offering rental properties to tenants, negotiating the tenancy and even collecting the rents and managing the property on behalf of the owner, for which they will naturally charge a commission.
Although some states by law require the services of an attorney to be used to complete the contract of sale, in others this task can be also conducted by the real estate broker. However, it is always advisable for the seller or buyer to have the transaction checked by an independent party to ensure all of the normal conditions of sale have been met.
The advantage that a consumer has in routing their property transactions through a real estate broker is that these persons are licensed and are held to a certain level of service and quality and under oath to act in a trustworthy and honest manner with their clients. They are also required to have the proper insurance in place to protect and recompense their clients in the event of inappropriate action. In addition, they are also responsible for the conduct of those that work under their direction, namely the real estate agent.